House Bill 2321 History
H. B. 2321
(By Delegates Craig and Morgan)
[Introduced February 14, 2005; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18-7A-26t, relating
to providing a cost-of-living provision for certain persons
retired under the teachers retirement system.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §18-7A-26t
, to read as
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. Cost-of-living provision for annuitants at least
sixty years of age and retired at least five
Beginning the first day of July, two thousand five, all
annuitants at least sixty years of age and who have been receiving an annuity from this system for at least five years shall receive
a cost-of-living in his or her monthly annuity in an amount equal
to the annual increase in the consumer price index as published by
the United States Department of Labor, Bureau of Labor Statistics:
Provided, That the maximum annual cost-of-living increase may not
exceed five percent of the base monthly annuity.
NOTE: The purpose of this bill is to provide a cost-of-living
provision for certain persons retired under the teachers retirement
This section is new; therefore, strike-throughs and
underscoring have been omitted.